Design

           We can design your project. The normal phases of design include an initial meeting at your home with you. At which time you give us an idea of what you would like to have done.  A lot of the time we will give you a rough idea of what it will cost to do it and see if it is within your budget. If so, we will then schedule a second meeting.

 We will return for the second meeting with a floor plan (if it is needed), a detailed job description that will tell you what we are going to do as well as what we are not and what you will be responsible for.

 

The "are not" in that last sentence is pretty important. One of the most common practices in the remodeling industry is to be vague on what they are not going to do.  When it comes up in the course of a job the contractor can say it wasn't included in their estimate and charge you the customer extra for it. We will have an accurate estimate with a fixed price on your project. There will be no hidden cost or surprises.

The only extras you will be charged for are those that you ask for.

 

 Financing

Dream Builders of Austin has several lenders whom we deal with to help you get your project financed at a competitive rate. The options most commonly are either a home equity loan or a home improvement loan.

 

Home equity loans although easily obtainable have their limitations. They are limited by law to a borrowing value of only 80% of the value of your home in its current configuration minus of course the balance that is owed on it. For instance if your home has an appraised  value of $100,000.00 and you still owe $60,000.00 on the principal. The finance company will figure it this way. The appraised value of your home is $100,000.00 and they can use 80% of that as a loan value ($80,000.00) minus the $60,000.00 you still owe on it so what you can actually borrow is $20,000.00.

If you do a home improvement loan the financing company can have your home appraised with the improvements you want done and loan you 90% of that. In this instance say your current home is appraised at $100,000.00. Then lets say you want to an addition to your home that the appraiser has valued at $30,000.00. You now have a home that is valued at $130,000.00. You can get a loan for 90% of the value ($117,000.00) less the $60,000.00 you still owe on the principal so you could borrow as much as $57,000.00 against your home with the improvements compared to the $20,000.00 you would have gotten with a home equity loan. These are both hypothetical situations.

What it shows is that BEFORE you borrow money against your home for an improvement on it you NEED to talk with someone who is a professional in financing and knows what options are available to you. Dream Builders of Austin can put you in contact with these professionals and we do it as a service to our customers. We receive no monetary compensation for it.

 

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